If it was as easy as knowing exactly what the cap rate for each area is then it would be easy.

Also, if anyone has a purchase & sales agreement I could reference.

With that said, can anyone in the Memphis Area provide me with some references?

I was referring to the possibility of you interfering with a future auction -- based upon your own statements.

When you say "cost to rent the units", are you referring to the management side of it?

Here in NE, $50k/unit is pretty easy to find for a solid C/B class. 

I reached out to an agent this morning in reference to a property that's close to my home.

@Alyse Oz I don’t have much experience with forming LLCs for rental properties but for use in a startup or business most incorporate in Delaware because they have a separate court for business entities and they allow for easy transfer of venture ownership to allow startups receive funding from VCs.

That's not to say you can't do it successfully, just that it isn't as easy as some people believe. 

Easy to find suited properties, low vacancy, good rental rates and a decent sized population.Jason D.